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Tron Founder Admires This Memecoin as It Rises 650% on Binance Listing

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Justin Sun, the founder of the Tron network, has applauded the impressive price performance of Ethereum-based memecoin, the First Neiro on Ethereum (NEIRO).

In a post on Monday, Sun commented, “This dog’s got some serious swag,” to a picture of NEIRO’s price surge following an announcement from leading exchange Binance that it would list the token for spot trading by 10 AM (UTC).

 

In a subsequent post, the founder showed a keen appreciation of NEIRO’s preposterous rise to fame, applauding the community for the massive support.

Sun stated that the community always wins, insinuating that NEIRO’s listing on Binance was bound to happen following the massive support from the project’s proponents.

Neiro Rallies After Binance Listing

The First Neiro on Ethereum secured the support of the world’s largest exchange on Monday after Binance announced it would list the token for spot trading.

The memecoin, which has already started trading on Binance at the time of writing, surged an impressive 650% to an all-time high of $0.0003923 before relinquishing some of its gains.

The Ethereum-based token has been on an impressive run since its launch in July. Fanned by its ever-supportive community, Neiro has gained notable listings prior to the Binance support, with HTX and Gate.io adding support for the memecoin.

It bears mentioning that a notable part of the Neiro project’s activity involved raising donations to provide shelter for stray dogs around the Asian Pacific. Neiro, in collaboration with Ethereum co-founder Vitalik Buterin, sold and donated 40 ETH to an animal charity in August.

Notably, the Binance listing came along with two other memecoins. The Baby DogeCoin (1MBABYDOGE) and Turbo (TURBO) also secured support from the leading exchange, similarly surging 82% and 45%, respectively.

Neiro Smart Trader Turns $109k to $1.35M

Following the Monday rally, a smart trader flipped his initial $109,000 Neiro purchase into millions of dollars. Data from Etherscan shows that the wallet started trading Neiro as early as July 27, intermittently buying and selling the asset.

Before the price rally, the wallet had acquired 10.79 billion NEIRO for $109,000. On-chain analysis shows that the wallet transferred 6.8 billion NEIRO to a multi-signature account and still held 4 billion NEIRO. At the current market price, the 4 billion NEIRO held is valued at $1.35 million.

Meanwhile, the NEIRO has surged 6,466% since its launch, trading at $0.0003169 at the time of writing. Its market cap also grew 616% in the past 24 hours to $127 million.

Nervos Network’s CKB Jumps 108%, Golden Cross Eyes $0.026

With a trendline breakout rally and a turnaround in dynamic average lines, Nervos Network eyes a bullish extension to $0.026. 

In a bullish crypto week, the Nervos Network’s CKB token registered a massive surge, resulting in a trend reversal. With a surge in buying pressure, the altcoin jumped 108% last week, from $0.008012 to a closing price of $0.016 on Sunday.

As the bull run surpassed multiple resistances and reclaimed the $0.010 mark, the buyers anticipate a jump beyond $0.020. However, a bearish start to this week reveals bullish exhaustion at play. Will the CKB price trend continue the bull run this week?

Nervos Network’s Bull Run Crosses $0.015

In the daily chart, the CKB price action reveals a bullish turnaround from the $0.006856 support level. Following a minor consolidation near the support level, the CKB price exploded last week with a massive surge in trend momentum. 

Nervos Network Price Chart
Nervos Network (CKB) Price Chart

The bullish reversal surpasses the long-coming resistance trend line and the crucial dynamic average line. With a massive jump of 51.44% on September 13, the CKB price exceeds the overhead trend line, the 50-day EMA, 200-day EMA, and 100-day EMA. 

Based on the Fibonacci levels, the bullish turnaround exceeds the 23.60% Fibonacci level and reclaims the $0.010 psychological mark. Currently, it is facing opposition from the 38.20% level at $0.01657. With an intraday pullback of 5.77%, the CKB price is trading at $0.01572. 

CKB Listing Over Upbit Boosts Buyers 

The driving factor behind the high momentum uptrend in the CKB price is Nervos Network’s listing on Upbit, a major South Korean exchange. With the listing on a major exchange, the altcoin enters the top 100 crypto list, bringing additional buying volume.

Further, the ease of trading for South Korean traders with Tether (USDT) pumps the buying pressure. 

Will Nervos Network Surpass $0.020?

As bullish momentum surged last week, the upward movement in the 50, 100, and 200-day EMAs hints at a potential bullish crossover. If the price remains above the $0.015 mark, a golden crossover between the 50-day and 200-day EMAs could further ignite the positive trend.

The MACD indicator shows a growing bullish gap between the MACD and signal lines, along with a significant rise in positive histograms. According to Fibonacci extensions, resistance levels are at $0.01957, $0.02257, and $0.02684.

With the trend line currently above $0.025, the likelihood of a rounding bottom pattern with a neckline at $0.026 is increasing. Conversely, the support level for the CKB token is at $0.01285 in case of a bearish momentum.

Top Chartist Says XRP Has Only One Direction And That’s up

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XRP has entered the second week of September with a notable weekly gain, prompting analysts to monitor the potential for further upward movement. 

Among the analysts observing XRP’s performance is Egrag Crypto, who has highlighted crucial price levels. In his recent analysis, he shared an update concerning one of his ongoing analysis series, “The White Flame,” which he first introduced in January.

This analysis focuses on XRP’s ability to surpass critical price zones, which he has labeled Structural Formation, Sentiment Status, MACRO Range, and Psychological Zone. These zones represent resistance points just below the $1 mark for XRP.

According to the update, the most significant price target for XRP remains $0.75, with the potential for further gains. 

If XRP closes above this level in the weekly timeframe, it could signal a major breakthrough for the cryptocurrency. Specifically, Egrag emphasized that a single strong daily candle will be sufficient to push XRP past the labeled resistance zone. Based on the update, the analyst stressed that XRP’s direction is now up only.

Symmetrical Triangle Analysis

Supporting this positive outlook is another analyst, Captain Faibik, who has provided a long-term chart analysis of XRP. According to Faibik, XRP has been consolidating within a symmetrical triangle pattern since 2018. 

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This formation typically signals an impending breakout as the price nears the apex of the triangle. Based on his chart, the analyst projects a potential breakout, with a price target around $2.4. If this occurs, XRP could see a surge of over 299% from its current price levels.

Robinhood’s Quiet Relisting of XRP

In addition to technical factors, XRP’s price received a notable boost following its quiet relisting on the Robinhood platform. Over the weekend, XRP saw a rally above $0.59, approaching the July high of $0.6602.

This spike occurred shortly after XRP was relisted for Robinhood users in the European Union. While the platform has not issued an official statement regarding the relisting, XRP is now available under the name “Ripple (XRP)” for eligible EU customers.

The relisting sparked discussions within the XRP community, particularly regarding the asset’s name, as some community members clarified that Ripple does not control the coin. At present, Robinhood has not extended the support to U.S. customers, leaving uncertainty about future availability outside the EU.

Shiba Inu Says Devs Can’t Alter Supply, Reveals Plan for Big SHIB Burns

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Shiba Inu content marketer Lucie addresses concerns about SHIB’s circulating supply, recommending how the community can reduce it in a big way. 

Several Shiba Inu investors have continued to attribute Shiba Inu’s underperformance to the token’s hefty supply. 

Enthusiast Highlights Shiba Inu Supply as SHIB Disadvantage 

Donald Xavier, a Shiba Inu enthusiast, echoed this sentiment during an exchange with the ecosystem’s content marketer, Lucie. 

The discussion started with Lucie announcing a major update for Puppynet, the testnet version of Shibarium. As reported earlier, the update, which took place on Friday at 02:30 ET, introduced major features like enhanced block propagation and faster smart contract execution. 

Despite these exciting features, Xavier expressed concern about Shiba Inu’s large supply, emphasizing that it remains SHIB’s major disadvantage. The user asked key Shiba Inu ecosystem team members like Shytoshi Kusama and Lucie to address the issue. 

Devs Can’t Change SHIB Supply  

Reacting, Lucie emphasized that Shiba Inu developers cannot change SHIB’s supply because the token’s pseudonymous creator, Ryoshi, destroyed the keys. She suggested that this move eliminated the possibility of a single entity controlling Shiba Inu.

In addition, Lucie noted that the only way to reduce SHIB’s supply is through “burning.” This requires users to buy and send SHIB to an official dead wallet, permanently removing the tokens from circulation. Notably, Lucie acknowledged that this procedure involves money. Hence, she proposed a more effective solution.

How to Burn Shiba Inu in a Big Way 

According to Lucie, reducing Shiba Inu’s supply “in a big way” requires millions (or billions) of people to participate in the process. She emphasized that the goal is to create an epic system that will attract tons of people to use Shibarium daily. 

The marketing specialist asserted that as more users utilize Shibarium, more SHIB tokens will be burned, potentially making the remaining ones valuable in the future. 

Lucie suggested that the community will determine whether the plan will succeed, meaning that Shiba Inu’s supply will drop drastically only when the community adopts this proposal.  

“It’s all about growing the community and letting the system do its magic!” Lucie remarked. 

Driving Shibarium Adoption 

Shiba Inu’s ecosystem team has been making significant efforts toward creating this epic system that would drive Shibarium’s adoption. The team plans to move all Shiba Inu-related projects, including NFT Marketplace and SHIB: The Metaverse, to Shibarium. 

So far, Shiba Inu’s decentralized exchange ShibaSwap and the cryptocurrency’s Web3 game Shiba Eternity, have transitioned to Shibarium. 

Besides ecosystem protocols, other projects, like K9 Finance’s Liquid Staking Derivative (LSD) platform, are also expected to launch on Shibarium. Launching these projects on Shibarium will boost the network’s transaction volume, potentially leading to massive SHIB burns. 

Shibarium-Powered SHIB Burns 

It bears mentioning that Shibarium is designed to burn SHIB using 70% of the base fee. As of March, Shibarium Inu’s ecosystem team had manually burned over 56 billion SHIB utilizing this procedure.

Currently, the team has automated the process through the introduction of the burn portal, dubbed ShibTorch. Since ShibTorch went live last month, it has burned 3.26 million SHIB. 

For context, Shiba Inu launched in 2020 with a supply of 1 quadrillion tokens. 410.72 trillion SHIB have been burned, leaving the cryptocurrency with a supply of 589.27 trillion. Of this amount, 583.69 trillion SHIB are in circulation, while 5.8 trillion tokens are staked, according to data from Shibburn. 

Analyst Sets Date for Cardano Breakout, But Identifies Crucial Support to Hold

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The overall sentiment for Cardano (ADA) remains bearish, with analysts predicting potential price surges in the future, though not immediately. 

Currently, ADA trades within a correction phase, and market participants are now focusing on key levels that could determine its short-term direction. Multiple analysts have examined the technical outlook for Cardano, presenting different outlooks based on its past performance and present indicators.

ATH in December

A chart from market watcher MafeoFerrari highlights an imminent rounded bottom pattern, indicating a potential accumulation phase after this downtrend. The analyst stresses that the $0.22 support level is crucial for Cardano’s structure.

According to MafeoFerrari, if this level holds, ADA could begin its ascent by 2025, potentially reaching $4.6537 by December 2026. 

ADA 1-week Price Chart
ADA 1-week Price Chart

However, the analyst warns that if ADA breaks below $0.22, the price could fall to $0.13, which corresponds to the 61.8% Fibonacci retracement level. This long-term projection remains contingent on market support holding firm, with a clear focus on future upward movement.

Short-Term Resistance and Price Potential

Another analyst, juntech, shares additional short-term data, noting that if the Federal Reserve’s FOMC decides to cut rates by 25 or 50 basis points, ADA might experience a short-term price boost.

Juntech also suggests that, barring any headwinds, Cardano’s price might rise to $0.7098 in the coming months, providing hope for a short-term rebound. 

Bearish Technical Indicators 

Despite these potential gains, another analyst presents a more cautious analysis. According to this analyst, Cardano remains stuck in a bearish trend, currently trading below the EMA200 line. On the daily chart, ADA failed to break out of a rising wedge pattern and instead encountered strong selling pressure. 

Cardano 1-day Chart
Cardano 1-day Chart

Additionally, the MACD has formed a bearish crossover, signaling further downside risk. As a result, this chartist projects a potential decline toward $0.2506 or even $0.2197, based on Fibonacci ratios of 1.272 and 1.618. However, a break above the resistance level at $0.3815 could offer some hope for a bullish reversal.

Dormant Ethereum Whale Moves 16,636 ETH at 44,600% Profit After 8.5 Years of Inactivity

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A dormant whale who received 16,636 ETH from ShapeShift in February 2016 has started moving his assets after re-awakening eight and a half years later.

On-chain data shows that the dormant whale made his first transaction in over eight years on September 15 at 7:25 PM (UTC). The wallet moved the 16,636 ETH through three different addresses to their new destination, “0x34…e0ba.”

The diamond-handed whale started selling his Ethereum stash on Sunday, 2,953 days after it received the tokens. Further analysis from Arkham shows that the wallet converted most of his ETH stash to wrapped Ethereum and held 16,199 wETH at the time of writing.

The wallet also exchanged some of the wETH for Tether’s USDT. It sold 437.8 wETH over five transactions, converting them to $1.025 million in USDT. Data also reveals the whale bought some Livepeer (LPT) tokens before reselling them.

Wallet Value up 44,600%

An interesting component of the whale’s reawakening is his mouthwatering profit over eight and a half years. The wallet received the 16,636 ETH when it was valued at $5.23 per token in February 2016. At that valuation, the entire portfolio was worth $8,706 then.

However, the wallet has held onto its stash through at least two market bull runs and recessions. The 2018 and 2021 bull cycles saw Ethereum peak at $1,270 and $4,891, with the asset experiencing massive pullbacks afterward.

Eventually, the diamond-handed whale reawakened on Sunday with a massive 44,600% return. His Ethereum portfolio had grown from a mere $8,706 in February 2016 to over $38 million at the current market price.

Other Whale Awakenings

These reawakenings among large Ethereum whales have ramped up recently, sparking speculations of an impending market implication. The $38 million whale relocation was one of the many Ethereum movements by early whales lately.

In August, a nine-year dormant whale from the initial coin offering (ICO) regime transferred 48,500 ETH ($154 million at the time) to OKX. Notably, the whale sold his stash at a profit of $153.98 million.

Another whale also moved $3.7 million worth of ETH in July, adding to the growing list of early whale sales. The wallet received 2,000 ETH from the Genesis block nine years ago and moved them all to different addresses 43 days ago.

Meanwhile, Ethereum dumped late Sunday after a brief market rally last week. The market correction spilled into Monday as Ethereum trades at $2,319, down 4% in the last 24 hours. Despite this price underperformance, IntoTheBlock data shows that 61% of Ethereum holders are in profit.

XRP Targets $0.7231 as Robinhood Relisting Fuels Triangle Breakout Chances

As buyers challenge a long-coming resistance trendline, will XRP target $0.72 on a breakout run?

The altcoin market enters a breather phase as Bitcoin price hangs near $58,700. Amid the altcoins, XRP witnessed multiple broader market changes with Grayscale’s recent fund launch and Robinhood relisting it. 

Will the newfound attention and the rising demand lead to a breakout rally in XRP?

XRP in a Triangle 

In the daily chart, last week’s XRP price jump takes a bearish reversal from a long-coming resistance trend line. This marks the sixth bearish reversal from the overhead trend line. 

On Sunday, the 4.38% price fall in XRP undermined the 4.13% jump on Saturday, resulting in a bearish engulfing candle. Currently, the XRP price is hanging close to the $0.5728 mark, with an intraday gain of 0.45% and a long tail formation as its 24-hour low stands at $0.5599. 

XRP Price Chart
XRP Price Chart

The dynamic average line of 50-day EMA supports the XRP price. Meanwhile, the crucial EMAs 50, 100, and 200 are on the verge of gaining bullish alignment as the recovery rally gains momentum. 

Furthermore, the bullish crossover in the MACD and signal lines sustain a positive trend, with a hike in bullish histograms. 

Bulls Struggle As Robinhood Relists XRP and Grayscale’s XRP Fund Launch

Amid the increased volatility, bullish developments, such as the token’s re-entry into the Robinhood platform, further support XRP’s potential uptrend. 

In July 2023, the XRP token gained legal clarity and was relisted on major exchanges, but Robinhood stayed back. As Robinhood finally relists the token, traders are anticipating a recovery rally in the XRP prices of almost double digits. 

However, the recent news of Grayscale revealing an asset investment fund completely focused on XRP fails to boost the XRP prices above the overhead trendline. Hence, the likelihood of a news-based recovery for a breakout rally is limited. 

XRP Price Targets 

Based on the price action analysis, XRP is currently confined within a triangle formation and is testing the 50% Fibonacci retracement level at $0.57141.

The upside target for XRP, according to Fibonacci retracement levels, is $0.65821, which represents the 78.60% level. On the downside, support is situated at $0.49128, just below the psychological $0.50 mark, which corresponds to the 23.60% Fibonacci level.

If the price breaks out bullishly from the triangle, it could potentially reach the 100% Fibonacci level at $0.7231, which is also the highest closing price from March 11.

Conversely, the dynamic support provided by the 200-day EMA at $0.5490 will be crucial to maintain the ascending trend before considering the trendline support.

Bitstamp and Ripple to Launch Derivatives Exchange

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Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.

Gartner revealed the initiative in the tenth episode of the “Built on XRPL”  series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”

Additionally, the Bitstamp exec noted that the company is excited about the upcoming derivatives exchange, suggesting that the platform could drive crypto adoption.

At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on the XRPL, showing its involvement in the ecosystem.

Bitstamp and Ripple Relationship

Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.

It remains to be seen whether Bitstamp’s potential collaboration with Ripple would give the upcoming derivatives exchange an edge over other derivatives trading platforms like BitMEX.

Robinhood Supports XRP as Its Acquisition of Bitstamp Nears Completion

In the meantime, Robinhood is making significant efforts to complete its acquisition of Bitstamp. As reported earlier, the deal, which costs about $200 million, is expected to be finalized next year, subject to regulatory approval.

Through the acquisition, Robinhood would attract more customers, especially institutional clients, across the US, Asia, the EU, and the UK.

With the acquisition set to be completed next year, crypto enthusiasts project that Robinhood would continue Bitstamp’s support for XRP and the XRPL. Interestingly, Robinhood recently took a major step toward supporting the XRPL ecosystem by quietly relisting XRP.

However, XRP is currently available for Robinhood customers in the EU. There is no official update regarding when the trading platform plans to list XRP for its US clients.

NB: This article was corrected on Sept. 19 at 15:37 UTC to reflect the fact that while Bitstamp looks to launch a derivatives exchange, they did not categorically mention that the exchange would be built on the XRPL. A previous version had suggested this.

Media Personality BitBoy Says XRP to Rip Soon

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Media personality Ben “BitBoy” Armstrong has recently sparked conversation in the crypto community by identifying XRP among altcoins he believes are set to “rip” soon.

He took to X earlier today to express his view that the altcoin market is gathering momentum for a significant upsurge in the near term. This outlook comes amid the unimpressive price action of altcoins last week.

While Bitcoin successfully recaptured the $60K range and defended it for at least two days, prominent altcoins failed to benefit significantly from this momentum.

For instance, Ethereum only rallied up to $2,460 when Bitcoin re-entered $60K, which is a lower high for this month since its drop to $2,150 earlier. On the other hand, Bitcoin’s recapture of $60K marked a fresh monthly high since the dip to $52K.

A similar trend was observable with some altcoins like Tron (TRX). Typically, during a Bitcoin rally, altcoins lead the recovery. However, their uptrend largely mirrored Bitcoin’s percentage gains this time, with some even seeing lower growth. 

This is further evidenced by Bitcoin’s dominance rising by approximately 2% over the last seven days, affirming that the spotlight was mostly on Bitcoin rather than altcoins during this period.

XRP to “Rip Soon” — BitBoy

However, BitBoy believes a turnaround is on the horizon. In his latest commentary on the altcoin market, he expressed confidence that altcoins “are going to rip soon,” identifying five altcoins that market participants should watch.

The list featured a mix of crypto assets from various sectors. Leading the pack was Ondo Finance (ONDO), a project focused on the tokenization of real-world assets (RWAs), a market projected to be worth $16 trillion in the future.

Next in line was The Graph (GRT), a project that powers a decentralized data indexing and querying protocol, comparable to Google’s web indexing capabilities.

Additionally, BitBoy is bullish on Pyth Network’s token PYTH and prominent meme coin Floki, identifying them as altcoins to monitor in the coming days. Among his list, XRP is the most prominent, being a top-ten crypto asset. 

BitBoy Expects $6T Cap for XRP

Notably, BitBoy has long been an XRP bull, projecting that the coin could reach an unprecedented $6 trillion market cap this cycle. This bold outlook would place XRP at a price of around $60.

BitBoy’s bullish sentiment is tied to key developments in the XRP ecosystem, such as the recently launched XRP Trust by Grayscale and the upcoming Ripple IPO.

At press time, XRP trades around $0.57, down by over 3% today as Bitcoin undergoes a correction.

Researcher Suggests XRP to Reach $100 if It Captures 10% of SWIFT’s Daily Volume

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A recent discussion within the XRP community has triggered renewed speculation around the potential future price of XRP. 

The catalyst for this recent conversation was a commentary from self-described crypto researcher Crypto Tank.

XRP to $100: Feasible or Fiction?

His remarks suggest that XRP could hit the $100 mark if it manages to capture just 10% of the daily transaction volume handled by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Interestingly, the $100 price target has recently taken center stage in the XRP community, with pundits providing different reasons for their projections. Earlier this month, Xena, a community figure, contended that investors now see the $100 target for XRP as attainable.

Meanwhile, market analyst Javon Marks has continued to project this target, leveraging technical tools to express confidence in his assessment. In a report late last month, he cited historical data from XRP’s price movements in the 2017 cycle.

While he also sees XRP reaching the $100, Crypto Tank, in a recent post on X, urged community members to be cautious about relying on price predictions from various cryptocurrency chartists. 

Notably, amid XRP’s recent underperformance, multiple analysts have set ambitious price targets. For instance, most recently, analyst EGRAG suggested XRP could rally to $99. Another market watcher predicted a surge to the $8 to $13 range. 

However, Crypto Tank argued that most of these forecasters lack a deep understanding of the factors influencing the market. He speculated that if XRP absorbed 10% of SWIFT’s daily transaction volume, its price could reach $100. He sees this as the lower valuation.

XRP Capturing 10% of SWIFT Daily Volume 

For context, a report from June 2022 confirmed that SWIFT processes around $5 trillion in global transactions per day, with 45 million messages sent through its network. 

This means that capturing 10% of SWIFT’s volume would equate to approximately $500 billion in daily transactions. By comparison, XRP’s current daily transaction volume averages around $1 billion. For XRP to achieve this hypothetical milestone, its volume would need to increase by a staggering 500 times.

This concept triggered diverse reactions among XRP proponents. Community critic Scam Detective pointed out that Crypto Tank’s advice to disregard the predictions of charters was sound, but he found the subsequent speculation on XRP’s future price contradicting that very advice. 

Nonetheless, others in the community noted the importance of charting. One user responded to Crypto Tank by asserting that while charting provides only a probability-based outlook, it can still offer value as more data is gathered over time. 

According to this perspective, the historical data available for cryptocurrencies is still too limited, making any chart-based predictions highly speculative for now.